ETH to USD, 10th May: Ethereum Price Analysis, Will Follow BTC Surge?

2 months ago

Technical Indicators:

Support Level: $165

Resistance Level: $172, $175

Key Points:

  • Ethereum price is supported well on the downside at around $165 which helped in the recent recovery.
  • The resistance around $172 is proving to be a hurdle for ETH to rise, despite the massive surge in the price of bitcoin.
  • ETH was able to break through the bearish pattern line that was being formed on the hourly chart yesterday with resistance around $168.
  • Ethereum price might soon test the $172 and $175 resistance levels in the short term

Ethereum Price Analysis:

SUMMARY: Ethereum price is currently trading within a range above $165 support level. However, the overall momentum is quite positive against the USD. ETH might soon move over the $172 and $175 resistance levels.

From the past few days, Ethereum price has been struggling to move above the $172 resistance zone. After testing this level, ETH price recently fell towards the $164-165 support level where buyers emerged and stopped further losses. Afterward, Ethereum price was able to break through $170 resistance level again, however, could not clear above the $172 resistance and corrected downwards towards $165 support again.

Recently, Ethereum price moved back above the $168 level and the 100 hourly SMA. Also, ETH was able to break through the bearish pattern line which was being formed on the hourly chart yesterday, with resistance around $168. However, currently, Ethereum is trading within a short range below the $172 resistance level which is proving to be a strong hurdle for ETH. There are chances that ETH might fall towards $165 support level before a fresh rise could start.

It is very essential for Ethereum price to break above the $172 resistance level in order to move towards the more major resistance levels which are $175 and $180. Currently, there is minor support around $167 and the major support around $165.

ETH to USD Price Chart 10th May

The chart shows Ethereum price is currently trading within a short range below $172 resistance level. If we consider the recent surge in the price of  Bitcoin, it will not be unsurprising if Ethereum follows BTC and quickly moves over the $172, $175 and $180 resistance levels to target $185, $190 and $200 levels in the short term.

Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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